Incyte Corporation (NASDAQ:INCY) Receives Average Recommendation of “Hold” from Analysts

Incyte Corporation (NASDAQ:INCY) has earned an average recommendation of “Hold” from the twenty-two analysts that are currently covering the company, Marketbeat reports. Fourteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $109.95.

INCY has been the subject of several analyst reports. Citigroup reiterated a “market perform” rating on shares of Incyte in a report on Wednesday. Royal Bank Of Canada lifted their price objective on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. Truist Financial boosted their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Finally, Barclays raised their price target on Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a research note on Tuesday.

Incyte Stock Performance

Shares of Incyte stock opened at $116.65 on Friday. The business has a 50-day simple moving average of $104.61 and a 200-day simple moving average of $100.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte has a one year low of $67.17 and a one year high of $118.97. The company has a market cap of $23.30 billion, a PE ratio of 16.48, a P/E/G ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company earned $1.16 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. On average, equities research analysts forecast that Incyte will post 6.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after acquiring an additional 506,842 shares in the last quarter. Invesco Ltd. boosted its holdings in Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley increased its stake in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after purchasing an additional 23,087 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Incyte by 7.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after purchasing an additional 161,405 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.